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Weekly Roundup: South Korea Shuts Down Iranian Bank, OTS Penalizes New Jersey Bank, and More
printWhile cease-and-desist orders by the U.S. Treasury Department and the Federal Reserve against HSBC Bank USA garnered headlines this week, the Office of Thrift Supervision (OTS) dinged a smaller institution for similar problems. On Wednesday, the OTS disclosed that it had issued a cease-and-desist order to Fort Lee, NJ-based Fort Lee Savings Bank for poor compliance with the Currency and Foreign Transactions Reporting Act and Office of Foreign Asset Control regulations. The bank must also review its suspicious activity reporting system, including recordkeeping, the agency said. More The effects of the latest round of U.S. and U.N. sanctions against Iran...
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